September 2022 Affordable Housing

Affordable Housing is a priority issue in our riding.  Created by the federal Liberal government in 2017 our National Housing Strategy has been consistently funded and continues to be improved, including a new Rent-to-Own stream in this year’s budget. Read more:  $2.2B in Budget 2022

Housing is an issue requiring focus and effort from all levels of government. Municipal elections are around the corner and it’s a good time to ask candidates how they will maximize the opportunities of these federal programs.  Voter turnout is important, please be sure to cast your ballot and to encourage your friends and neighbours.

Canada’s National Housing Strategy (NHS) is an ambitious, 10-year plan to invest over $72 billion to give more Canadians a place to call home. Since its launch in 2017, the government has committed over $26.5 billion to support the creation of over 106,100 units and the repair of over 254,600 units.

Launched in 2020, the Rapid Housing Initiative (RHI) is delivered by the Canada Mortgage and Housing Corporation (CMHC), under the NHS. It provides funding to facilitate the rapid construction of new housing and the acquisition of existing buildings for the purpose of rehabilitation or conversion to permanent affordable housing units. The first two rounds of the RHI exceeded expectations, and are expected to create 10,000 units instead of the 7,500 initially planned. This includes over 3,300 units to support women and over 4,200 units to support Indigenous Peoples.

The RHI takes a human rights-based approach to housing, serving people experiencing or at risk of homelessness and other vulnerable people under the NHS, including women and children fleeing domestic violence, seniors, young adults, Indigenous Peoples, people with disabilities, people experiencing mental health and addiction issues, veterans, 2SLGBTQI+ individuals, racialized groups, and recent immigrants or refugees.

The Affordable Housing Innovation Fund was launched in 2016. Delivered by the CMHC under the NHS, it is designed to help generate innovation and growth in the affordable housing sector by encouraging the development of new funding models and building techniques. It supports innovative solutions by providing opportunities where conventional financing is not easily available.

Budget 2022 proposed targeted investments to build more homes and make housing more affordable across the country. This included:

$1.5 billion to extend the RHI, with $500 million allocated through the Cities Stream and $1 billion through the Projects Stream. City-by-city allocations and exact timelines for applications will be announced soon.

$200 million to create the new Affordable Housing Innovation Fund’s rent-to-own stream.